This piece analyzes the property tax increase and corresponding homeowner exemptions proposed by Chicago Mayor Rahm Emanuel as part of the FY2016 City budget. The Chicago Tribune’s analysis concluded owners of large rental buildings and smaller non-owner occupied rentals could see large tax increases. The Civic Federation is concerned the proposed exemptions will in effect shift the tax burden to some of Chicago’s most economically challenged residents due to increased rental costs.
This segment and adjoining article examine the proposed City of Chicago FY2016 budget released September 22, which includes a property tax increase to address the City’s unfunded pension liabilities. The Civic Federation said Chicago Public Schools and the State of Illinois are in similar financial positions, which could add to the taxpayer burden.
This segment covers Mayor Rahm Emanuel’s FY2016 proposed budget released September 22, which includes a $543 million property tax increase phased in over four years, along with several other new targeted fees and taxes. The Civic Federation said the City has no choice but to increase revenue in order to address the enormous pension debt that has accumulated through years of poor financial practices.
This segment reviews the property tax increase aimed at addressing Chicago’s underfunded pension systems that was proposed as part of the FY2016 City of Chicago budget released September 22. The Civic Federation said this tax increase could be one of many, as other local governments and the State of Illinois also face significant unfunded pension liabilities.
This segment covers the proposed FY2016 City of Chicago budget released September 22, which includes a $543 million property tax increase that would be phased in over four years. The Civic Federation said the increase won’t solve all of the City’s financial challenges, but it is a big step in the right direction.
This Chicago Tonight segment features Chicago Aldermen discussing a reported $500 million City of Chicago property tax increase and other potential taxes and fees. It cites a September 8 City Club panel that featured Civic Federation President Laurence Msall, who said a property tax increase of that magnitude would still only be part of what will be needed to address Chicago’s financial crisis.
This article discusses the City’s aldermanic menu program, which allots each alderman $1.32 million annually for infrastructure projects in the alderman’s own ward. The Civic Federation said the City would be better served by a transparent, comprehensive capital improvement plan that would prioritize projects by a set of objective standards taxpayers can understand.
This article covers a September 8 City Club panel on Chicago finances that featured Civic Federation President Laurence Msall alongside Municipal Market Analytics Partner Matt Fabian, Crain’s Chicago Business columnist Greg Hinz and City of Chicago CFO Carole Brown. Msall said a reported $500 million property tax increase would only be one part of what will be necessary to address the financial crises facing the City of Chicago and Chicago Public Schools.
The Illinois Department of Revenue announced earlier this summer that the final equalization factor for the Cook County 2014 property assessment year (taxes payable in 2015) is 2.7253. The 2014 final equalization factor of 2.7253 is greater than the final 2013 equalization factor of 2.6922. This does not mean that property taxes will go up or down. It means that, overall, the weighted average level of assessment[1] in Cook County for all types of property averaged over the past three years has…
This article features several aldermen’s reactions to reports that a $500 million property tax increase will be included in Mayor Emanuel’s FY2016 proposed City of Chicago budget to fund increased pension payments and school construction. The Civic Federation said the magnitude of the proposed increase is not a surprise, given the City’s pension challenges, heavy reliance on borrowing and repeated credit rating downgrades.
